BTC / USD
67,444.44
4.7%
(-3326.77)
ETH / USD
3,268.17
7.4%
(-261.11)
XRP / USD
0.54
10.81%
(-0.07)
LTC / USD
85.70
12.07%
(-11.77)
EOS / USD
0.89
19.83%
(-0.22)
BCH / USD
533.15
12.15%
(-73.73)
ADA / USD
0.51
12.35%
(-0.07)
XLM / USD
0.11
12.62%
(-0.02)
NEO / USD
19.92
12.5%
(-2.84)
XEM / USD
0.04
17.46%
(-0.01)
DASH / USD
31.77
16.37%
(-6.22)
USDT / USD
1.00
0.07%
(0)
BNB / USD
592.23
4.85%
(-30.18)
QTUM / USD
4.49
16.28%
(-0.87)
XVG / USD
0.01
15.97%
(-0)
ONT / USD
0.35
19.78%
(-0.09)
ZEC / USD
23.50
11.81%
(-3.15)
STEEM / USD
0.28
16.4%
(-0.06)

Ethereum Dips But Here’s Why ETH Could Start Fresh Increase

0

Ethereum failed to clear the $2,085 resistance and declined against the US Dollar. ETH must stay above $1,920 to start a fresh increase in the near term.

  • Ethereum failed to clear the $2,085 and $2,100 resistance levels.
  • The price is now trading below $2,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down towards the main $1,920 support zone.

Ethereum Price Trades Below $2K

Ethereum attempted to clear the $2,085 and $2,100 resistance levels. However, ETH failed to gain strength and formed a short-term top near the $2,085 level.

There was a bearish reaction below the $2,050 support level. Besides, there was a break below a key bullish trend line with support near $2,000 on the hourly chart of ETH/USD. There was a move below the 50% Fib retracement level of the upward move from the $1,920 swing low to $2,085 high.

Ether price is now trading below $2,000 and the 100 hourly simple moving average. It even tested the 76.4% Fib retracement level of the upward move from the $1,920 swing low to $2,085 high.

The price is now consolidating near the $1,980 level. The first major resistance is near the $2,000 level and the 100 hourly simple moving average. The main resistance is now forming near the $2,085 level. A close above the $2,085 level could open the doors for a decent increase.

Source: ETHUSD on TradingView.com

In the stated case, ether price might rise towards the $2,150 resistance. Any more gains may perhaps send it towards the key $2,200 resistance zone.

More Losses in ETH?

If ethereum fails to recover above the $2,000 resistance, it could continue to move down. An initial support on the downside is near the $1,960 zone.

The next major support is near the $1,920 level. A close below the $1,920 level might restart downtrend. In the stated case, the price could dive towards the $1,900 level. The next major support might be near the $1,800 and $1,780 levels in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,920

Major Resistance Level – $2,085

Leave A Reply

Your email address will not be published.